Contract Management
In Business
As the world economy recovers from recession, pressure to extract greater value from contracted relationships to avoid unnecessary costs and risks or to deliver customer projects profitably, has placed Contract Management at the centre of business strategy for the world's leading companies.
Why is Contract Management important?
Contract Management is important because contracts and agreements often contain terms and conditions, as well as obligations and commitments that need to be managed effectively in order to extract the maximum value from contracted relationships.
Unfortunately, for many organizations the contracting process remains manual and inefficient. The contract request-to-final draft cycle can take days or even weeks and signed contracts are frequently left unmonitored in content silos throughout the enterprise.
To many, the contracting process is one of the last key business processes to be automated with the use of technology. When you consider that contracts underpin over 80% of business-to-business transactions (according to Gartner), business executives should expect to have complete visibility and control over contracted milestones and commitment, not simply desire that this was the case.
